Source Says Sale Of Bobcats Could Happen As Soon As Next Month
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Bobcats Still Heavily In Debt,
In Excess Of $100M |
Ongoing negotiations between Bobcats Owner Bob Johnson and The Postolos Group Owner George Postolos "could result in a sale of the NBA team during March or April," according to a source cited by Rick Bonnell of the CHARLOTTE OBSERVER. NBA sources said that Johnson "acknowledged to fellow owners that the Bobcats would lose tens of millions during the next few seasons." The team is "still heavily in debt, well in excess of $100[M], and Johnson's minority partners haven't generally participated in cash calls to cover the losses." While the Bobcats "have improved, with a winning record and a strong chance at their first playoff appearance, that hasn't made much impact on ticket sales." The Bobcats are 22nd out of the 30 NBA teams in home attendance, averaging 15,017 per game at Time Warner Cable Arena. One question "concerning a potential sale is whether" Bobcats Managing Member of Basketball Operations Michael Jordan, who reportedly owns the right of first refusal, is "serious about buying controlling interest" (CHARLOTTE OBSERVER, 2/4). ESPN.com's J.A. Adande cites an NBA source as saying that Jordan is "not inclined to make a bid for the franchise that matches the number" Johnson has in mind. It is "believed that a group led by" Postolos has "made a higher offer." One source interpreted Johnson's "backing away from the sale to Postolos last summer and the continued extension of the process as a desire to give Jordan another opportunity to put together a strong offer." But with NBA owners "already skittish about the perceived low-price sale" of the Nets by Bruce Ratner to Mikhail Prokhorov "dragging down franchise values there will be pressure on Johnson to go for the higher bid and not let his relationship with Jordan outweigh the prospect of more cash" (ESPN.com, 2/4).
WOULD JORDAN MAKE A GOOD OWNER? ESPN's Marcellus Wiley said, "Being a great player does not necessarily mean it translates into being a great owner. … Michael Jordan as the president of the Wizards won less than 40% of his ballgames, and he's the guy who drafted Kwame Brown with the first pick in 2001." But ESPN's Michelle Beadle said, “He has learned from his mistakes when he was with the Wizards because with the Bobcats, he's actually making them relevant" ("SportsNation," ESPN2, 2/3).
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